California Blue Shield seeks up to 20% rate hikes

'It's a once-in-a-lifetime change in the healthcare market that will bring a lot of volatility'

Published: 12/14/2012 at 1:33 AM

(PJ Tatler) ObamaCare was supposed to stop this sort of thing, wasn’t it? That’s how Pelosi, Obama et al sold the law, but its plain effect has been to hike taxes and rates.

Health insurer Blue Shield of California wants to raise rates as much as 20% for some individual policyholders, prompting calls for the nonprofit to use some of its record-high reserve of $3.9 billion to hold down premiums.

In filings with state regulators, Blue Shield is seeking an average rate increase of 12% for more than 300,000 customers, effective in March, with a maximum increase of 20%.